Dramatic changes for your retirement savings are coming, and your relationship with your financial advisor is due for a shift
The new "fiduciary rule" went into effect Friday. The regulation will require your financial advisor to act in your best interest when advising over your 401(k) and individual retirement accounts.
This hotly debated rule was originally slated for an April 10 debut, but the Labor Department delayed its start date by 60 days after President Donald Trump drafted a presidential memorandum in February. In it, he told the federal agency to review the rule and prepare an updated economic and legal analysis.
Changes are also coming
"Many advisors have taken the position that they can advise on your 401(k), but to do it well, they need to understand your other income sources and your family situation," said Marcia Wagner, managing director of the Wagner Law Group in Boston.
"I see more use of full-scale financial planning," she said. "It's a way to demonstrate
Here's how your advisor's services may evolve post-fiduciary rule.